WOOD Flash – Greece macro: decoupling nicely, some upside risks for GDP
The flash estimate of 2Q real GDP showed that the economy grew by 0.8% qoq on a seasonally-adjusted basis, equivalent to an expansion of 1.9% yoy. This marks a visible improvement relative to 1Q, up by 0.2% qoq and 1.1% yoy, which strengthens our confidence that Greece is, by and large, decoupling from the German economic downturn. According to the surveys in the first two months of 3Q, growth picked up further, which suggests that our estimate for the year, 1.8% overall, is well on track and the balance of risk is skewed mildly to the upside.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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